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Article: Batus says Farmers exchanges' threat is not within governors' powers. (Farmers Group Inc.)
- Article from:
- PR Newswire
- Article date:
- June 10, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BATUS SAYS FARMERS EXCHANGES' THREAT IS NOT WITHIN GOVERNORS' POWERS
LOUISVILLE, June 10 /PRNewswire/ -- BATUS Inc. said today that the threat by the boards of governors of the reciprocal exchanges to alter the attorney-in-fact relationship with Farmers Group, Inc., should BATUS be successful in acquiring Farmers, is not within the powers of the governors.
"Further, as we have repeatedly stated in the state regulatory hearings, the consent of the boards of governors is not required for a change of control of the attorney-in-fact," a spokesman said. "This appears to be a self-serving, but meaningless, threat stimulated by Farmers in its increasingly ...
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